5 Best American Stocks To Buy In 2024

2. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 293

Amazon.com, Inc. (NASDAQ:AMZN) ranks 2nd on our list of the best American stocks. Amazon Web Services (AWS) is experiencing a revival in growth, overcoming seven consecutive quarters of stagnant sales. The rebound is attributed to increased benefits from artificial intelligence, leading to a resurgence in larger deals. Piper Sandler analyst Thomas Champion expressed confidence in AWS’s model, emphasizing the company’s commitment to offering more AI model options to customers. He maintained an Overweight rating on Amazon shares with a $220 price target on February 2.

According to Insider Monkey’s fourth quarter database, 293 hedge funds were bullish on Amazon.com, Inc. (NASDAQ:AMZN), compared to 286 funds in the prior quarter. Ken Fisher’s Fisher Asset Management is the leading stakeholder of the company, with 41.78 million shares worth $6.3 billion.

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